The OTC Exchange Of India (OTCEI), also known as the Over-the-Counter Exchange of India, was based in
Mumbai
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
,
Maharashtra. It is under the
ownership of
Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance.
Lists of current ministries of finance
Named "Ministry"
* Ministry of Finance (Afghanistan)
* Ministry of Finance and Ec ...
,
Government of India
The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...
. It is India's first exchange for small companies,
as well as the first screen-based nationwide
stock exchange in India. OTCEI was set up to access high-technology enterprising promoters in raising finance for new product development in a cost-effective manner and to provide a transparent and efficient trading system to investors.
OTCEI is promoted by the
Unit Trust of India
UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a Securities and Exchange Board of India (SEBI) registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurcat ...
, the
Industrial Credit and Investment Corporation of India
ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail banking, retail customers through a variety of delivery channels and special ...
, the
Industrial Development Bank of India
The IDBI Bank Limited (IDBI Bank or IDBI) is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a developmen ...
, the
Industrial Finance Corporation of India
IFCI, previously Industrial Finance Corporation of India, is a development finance institution under the ownership of Ministry of Finance (India), Ministry of Finance, Government of India. Established in 1948 as a statutory corporation, IFCI is ...
, and other institutions, and is a recognised stock exchange under the SCR Act.
The OTC Exchange Of India was founded in 1990
under the
Companies Act 1956
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It was repealed and replaced b ...
and was recognized by the Securities Contracts Regulation Act, 1956 as a stock exchange. The OTCEI is no longer a functional exchange as the same has been de-recognised by SEBI vide its order dated 31 Mar 2015. OTCEI Securities Limited subsequently filed for liquidation on 25 September 2017.
See also
*
List of stock exchanges in the Commonwealth of Nations
This is a list of active stock exchanges in the Commonwealth of Nations (Full Members). The Commonwealth of Nations features member-states located on all major continents and represents almost one-third of the Earth's population. Some states ha ...
References
External links
*
Financial services companies based in Mumbai
Indian companies established in 1990
Former stock exchanges in India
1990 establishments in Maharashtra
Financial services companies established in 1990
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